Off the wire
Study reveals insights into potential target for new medicines  • Roundup: Harry Potter phenomenon conquers the stage  • Harry Potter play triumphs at Olivier theater awards  • Study maps out strategy for developing wind, solar power in Africa  • Greens make big gains in Finland's local elections  • Situation at Slovenia-Croatia border crossings improves  • French president vows to support Egypt's fight against terrorism  • Police seize 11.6 tonnes of cannabis in south Albanian warehouse  • (Recast)"Boss baby" tops North American box office for second weekend  • Roundup: Norway raises threat level after teen arrested for carrying explosive  
You are here:   Home

Aussie dollar continues to fall, hovering at 0.75 USD

Xinhua, April 10, 2017 Adjust font size:

The Australian dollar continued its downward slide on Monday, losing further ground against the U.S. greenback, with analysts warning it could be the start of a major fall.

At 0635 local time AEST, one Australian dollar was buying 74.94 U.S. cents, a sizeable dip from the 75.24 U.S. cents it was trading on Friday.

Chris Weston, chief market strategist at IG, told Xinhua in a statement that the dollar may be looking at considerable losses if the slight downward trend continues.

"AUD/USD is trading through $0.7500 this morning, which on the daily chart looks like a key level and a close through the 9 March spike low of 74.91 U.S. cents would open up a move into the Australian dollar falling into the 72.50 U.S. cents mark." Weston said.

But Elias Haddad, currency strategist at the Commonwealth Bank, said that the Aussie dollar may rally later this week.

"The Australian dollar has scope to drift lower towards 74.00 U.S. cents early in the week as the U.S. gains upside momentum. But the Aussie dollar is vulnerable to a relief rally later in the week supported by encouraging Australian and Chinese economic conditions." Haddad said.

At 0830 local time AEST, one Australian dollar buys 75.00 U.S. cents. Endit